Salt Lake City: Official Development News Thread - Part 5

[Utah_Dave]

Originally Posted by ajiuO

I would love to see state street reduced in size between 400S and North Temple. I would like to see an island with trees in the middle of the street and some bike lanes on the sides.

If the city went through all the effort and money to add an island to State st. I would rather see them shift the road to the left or right so one side of the road has usable space for green areas, vendors, and gathering spaces that can be used for small events and maybe an arts and crafts like fair or small scale farmers market. There would be a lot of possibilities with more space and give people more reason to stay on the streets and add to the vibrant feel.

All in good time though

I really like the design of this building for its size.

[asies1981]

Originally Posted by Utah_Dave

If the city went through all the effort and money to add an island to State st. I would rather see them shift the road to the left or right so one side of the road has usable space for green areas, vendors, and gathering spaces that can be used for small events and maybe an arts and crafts like fair or small scale farmers market. There would be a lot of possibilities with more space and give people more reason to stay on the streets and add to the vibrant feel.

All in good time though

I really like the design of this building for its size.

The city is in the planning stages to make State Street more complete. But unfortunately, it is a state road so what can be done will have some limitations.

[jedikermit]

Originally Posted by asies1981

Here's a bit more info on the 151 project. They want to start construction this year.

Thanks Isaac -- I love seeing your take on things. Great details!

Also, "Liberty Sky?"

[ajiuO]

I really hope 151 is better then cowboy Properties other apartment buildings, because they are all of very poor quality. At least it’s concrete so the floors shouldn’t start squeaking after 1 year. I’m surprised salt lake had continued to allow cowboy to go on its rampage of inferior quality construction for so long.

[Orlando]

I actually think the Boyer/Cowboy tower is very viable. Apartments are in high demand, and don't have the financing/liability issues that condos have. Also, it's right next to a big grocery store, retail, and office, and nightlife. Employees from Goldman Sachs would be the target demographic.

[Always Sunny in SLC]

Originally Posted by Orlando

I actually think the Boyer/Cowboy tower is very viable. Apartments are in high demand, and don't have the financing/liability issues that condos have. Also, it's right next to a big grocery store, retail, and office, and nightlife. Employees from Goldman Sachs would be the target demographic.

This confuses me even more about the cost. The idea that part of the parking structure would be leased out as additional source of revenue seems not to be the case from Issac's article and neither does the ground floor retail. Are the rents really going to average $3,000+?

[delts145]

Glad to see they mixed things up a little at the roof line.

Developers propose 24-story apartment tower on State Street in downtown Salt Lake City

The Salt Lake Tribune - By Mike Gorrell
https://www.sltrib.com/news/business...alt-lake-city/

“We’re excited to see residential on State Street, which is a fairly new addition to the ecosystem,” said Christian Harrison, the Downtown Community Council chairman.
“It is a good sign that State Street is turning a corner. We do hope it spurs more development farther south along State Street.”

“Offices are daytime [operations] and don’t create vibrancy or activity in the evenings. In downtown, they create dead zones,” Planning Director Norris added. “Apartments put eyes on public spaces basically all day long. Those residents tend to go out at night and walk around the neighborhood. It enlivens downtown.”


(Artist's rendition courtesy of Cowboy Properties) Cowboy Properties and Boyer Co. are looking to build a 24-story apartment building on the east side of State Street between the Federal Building on 100 South and the Maverik headquarters building on 200 South. The $90 million project is being praised for its prospects of bringing more residents to downtown Salt Lake City.

Convinced that downtown living is increasingly desirable, real-estate developers Cowboy Properties and Boyer Co. want to build a 24-story apartment building on State Street between 100 and 200 South...

...The $90 million high-rise would include roughly 300 apartment units and a rooftop swimming pool. A five-story parking terrace would be built on its east side, hidden from street views by surrounding buildings.

Although rent levels would vary, Cowboy Properties President and CEO Dan Lofgren said most would cost near the “top of the market in today’s market. We’ll have studios to very large two bedrooms, units that go for under $1,000 [a month] while some of the largest will be several thousand.”...

...“As the downtown residential market has evolved, and as we massaged what we thought was the best option, this residential tower emerged,” Lofgren said. “Downtown Salt Lake City has become an amenity-rich environment. It’s become a great neighborhood. The pieces that were missing 10 years ago — not that it was bad then — are now filled in.“

First and foremost: the Harmons City Creek market at 135 E. 100 South. “The grocery store makes it a neighborhood,” Lofgren said. “For many household configurations, the option of living downtown has become the preferred option. These are households hoping to live without a car, households looking for the convenience of being close to work, households energized by all the activities downtown, households attracted to this notion of a high-rise and the views and lifestyle it offers.”

At the projected rent levels, he sees these apartments appealing to people working at high-tech and financial-services companies, law firms and banks. Retirees also are likely renters, Lofgren added, “drawn especially by the arts downtown — the symphony, the ballet, Eccles Theater. That’s a pretty full basket of offerings.”...

...Planning Director Norris said the shift from office tower to residential high-rise is “certainly consistent with our master plan policies, which try to increase the number of people living downtown.”

.

[Makid]

I do hope that they can get going and start construction this year.

This would give Salt Lake:

Patrinely Phase 1
Block 67 Phase 1
Liberty Sky
Regent Hotel
370 Millenium (highly likely)

Under construction this year. This is only the 10 Story or greater list. It also looks like at least 6 tower cranes for these.

2 Commercial, 2 Hotel and 2 Residential. That is a nice boom that should all very well be under construction before the end of the year.

I know I probably missed a project or 2 that should start this year in the 10+ story range but 6 in itself makes me think of the excitement during the CCC construction. This time though, it will be spread out throughout the City.

[Stenar]

Originally Posted by FullCircle

... My wife works for a company that has been hiring lots of people from out of state; computer programmers, data scientists, managers, etc. so highly educated, skilled workers, many of them coming from the Bay area, Boston, New Jersey, and other cities. When they move here most of them are buying large single family homes, many out in the suburbs. ...

Another reason they are buying single-family homes is probably that there are few condos for them to buy.

[Stenar]

Originally Posted by Marvland

SICK! We finally have an apartment tower in the pipeline!

It looks hideous, though. *Silent memoriam for 151.*

[FullCircle]

Originally Posted by Stenar

Another reason they are buying single-family homes is probably that there are few condos for them to buy.

Might be a bit of a chicken and egg scenario, but as we've discussed, there are lots of condos for sale in CCC, but maybe that's not what lots of potential buyers are looking for. I will concur that there is a bit of a stigma for some people not wanting to buy in CCC, not explicitly because they don't like the LDS church and don't want to support them, but rather that because the LDS church owns it, and the shopping center is closed on Sunday, it has a certain "churchy" vibe, and lots of non-LDS folks just don't really like it and/or may feel uncomfortable there.
Has anyone looked for vacancies in American Towers lately? I'm trying to think of other condo towers downtown but can't think of many. Weren't Broadway Towers (across 300 S. from the Broadway movie theater) converted to condos a while back? There are several low-midrise condos around as well, but again I really don't have a feel for availability. Would more people be buying condos if more were available, or maybe just more available in a certain niche? Downtown highrise not associated with the LDS church or CCC might be a hot item these days, I just don't know. Maybe a quick search around online is in order.

[FullCircle]

Well, according to Zillow (which isn't exhaustive, I know) there are 71 condos for sale in SLC, with 6, it looks like, in American Towers, the only legit highrise condo towers outside of CCC downtown. Compare that with 302 single family houses for sale. I don't know, seems like enough that if people are looking they should be able to find something, but maybe it's a niche thing and they can't find what they really want in the condo market.

[bob rulz]

Originally Posted by Stenar

It looks hideous, though. *Silent memoriam for 151.*

I disagree, I think it's a nice design. Much better than the old one, and better than 111 Main, too.

There's also still a chance it could go through some minor changes once it goes through the approval process, too.

[airhero]

Yeah I think the design is okay. I wish it were less wall like and that the western half could be redesigned or cut and then increase the height. Kind of like below (Excuse the rush paint job):



Won't happen but I think it looks loads better.

[Utah_Dave]

^^^^

Alright, now we are talking!

So 250ft tall and 24 stories even with the roof line? 300ft would be nice but I still like the project. I wasn't a fan of the 151 in its commercial design. I like the residential look a whole lot better. Good news keeps coming in, now we just have to make it happen while things are good!!

[Liberty Wellsian]

Residential units in the really real part of DT...yes please

Originally Posted by Utah_Dave

If the city went through all the effort and money to add an island to State st. I would rather see them shift the road to the left or right so one side of the road has usable space for green areas, vendors, and gathering spaces that can be used for small events and maybe an arts and crafts like fair or small scale farmers market. There would be a lot of possibilities with more space and give people more reason to stay on the streets and add to the vibrant feel.

All in good time though

I really like the design of this building for its size.

Agreed

Our roadways are massive. We can do better than lawn. My dream for West Temple downtown is to turn some of it into leasable space. Way better than a strip of grass and a tree in the middle of a busy Street.

[bob rulz]

Just widening the sidewalks and adding bike lanes on State Street would be a good start. I agree with BRT over landscaping in the center median.

If State Street is going to have a heavier residential presence, it NEEDS to be more pedestrian and bicycle friendly.

Originally Posted by ajiuO

I would love to see state street reduced in size between 400S and North Temple. I would like to see an island with trees in the middle of the street and some bike lanes on the sides.

Why stop at 400S?

Let's narrow it at least to 900S, just as a start. Though I would prefer not to have an island, as previously mentioned.

Originally Posted by airhero

Yeah I think the design is okay. I wish it were less wall like and that the western half could be redesigned or cut and then increase the height. Kind of like below (Excuse the rush paint job):



Won't happen but I think it looks loads better.

Yeah I like this idea too. Just bombard the designers with spam until they get annoyed and just do it.

[Liberty Wellsian]

Originally Posted by Always Sunny in SLC

This confuses me even more about the cost. The idea that part of the parking structure would be leased out as additional source of revenue seems not to be the case from Issac's article and neither does the ground floor retail. Are the rents really going to average $3,000+?

I was thinking about this and wonder if they plan to sell the units as condos in a few years. With raising labor and housing costs it makes sense to build now and sell later.

[Orlando]

Originally Posted by Stenar

It looks hideous, though. *Silent memoriam for 151.*

Ya, I agree. It's not super hideous, but not sexy either. Maybe they just haven't seen the work by the firm I'm with.

[Utah_Dave]

Originally Posted by Orlando

Ya, I agree. It's not super hideous, but not sexy either. Maybe they just haven't seen the work by the firm I'm with.

Post some images or links! I’d be really interested to see some work.

Thanks!